NZD/USD Price Analysis: Kiwi unable to move away from critical support

Kiwi remains under pressure versus US Dollar still above key support area.
NZD/USD finds support above recent lows; bearish bias prevails.

Matías Salord FXStreet

The NZD/USD is falling on Thursday amid a stronger US dollar and risk aversion. The decline, like last week, found support above the 0.6920 area (June lows). A firm break under that area should lead to a test of 0.6900 and to more losses with not much support until 0.6790.

The pair continues to move sideways between 0.7100 and 0.6900 with a bearish bias. A recovery above the 20-day simple moving average at 0.7120 would ease the negative tone.

Technical indicators are also biased to the downside. Still, the price needs to break the critical 0.6920 area (or 0.6900 to have a stronger confirmation), to clear the way to an extension of the decline. Also, the 55-week moving average is around the mentioned area. So a weekly close below should also point to more losses.

NZD/USD Daily chart

NZD/USD

Overview
Today last price	0.695
Today Daily Change	-0.0070
Today Daily Change %	-1.00
Today daily open	0.702

Trends
Daily SMA20	0.7042
Daily SMA50	0.7149
Daily SMA100	0.7152
Daily SMA200	0.7064

Levels
Previous Daily High	0.7062
Previous Daily Low	0.6989
Previous Weekly High	0.7087
Previous Weekly Low	0.6947
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.7034
Daily Fibonacci 61.8%	0.7017
Daily Pivot Point S1	0.6986
Daily Pivot Point S2	0.6951
Daily Pivot Point S3	0.6913
Daily Pivot Point R1	0.7059
Daily Pivot Point R2	0.7097
Daily Pivot Point R3	0.7132

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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